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Post# of 13856
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Susie924

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Susie924

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Re: BullNBear52 post# 8572

Friday, 03/14/2003 2:02:45 PM

Friday, March 14, 2003 2:02:45 PM

Post# of 13856
Here'e my dilemma.
We have 4 years left on our existing mortgage @ 7.5%
I don't want to refinance but I want to take advantage of the low rates to do some home improvements.
I can get a home equity line of credit at 1/2 over the prime rate but it's not fixed.
I figured that I would pay off the old mortgage with the line of credit and still make the same payments each month that I make now, only to the new bank.
I guess I would be gambling that the prime rate won't go higher than 7% over the next 4 years?
Is that crazy?

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